Asian textile sector, which was once beleaguered, hurt by
the pangs of downturn, is no longer a fading industry.
Asian textile industry, which was hit badly by the
recession, and was perceived to succumb to its hold, is now showing strong
growth prospects. During the past years, textile industries in Asia was known for its alley shops, and using inexpensive materials for making apparels.
Currently, the country is going through a phase of rapid transformation,
shedding their sweatshop image so as to compete in the global market. After the
lapse of a year since the global recession started, Asian economy is
rejuvenating faster comparatively over the Western economies.
Growth Drivers:
Global market for textiles is changing, along with the
customer tastes, and demand. Asia is in the global radar attracting the
attention of other international countries. China, India, and Bangladesh are the leading textile manufacturers and major consumers as well. South East Asia and Pakistan are growing key players.
Advancements in technology and growing status of the
middle-income people are the key factors behind this. Growing income levels of
the middle class consumers prove to be a main factor for the growth of the
industry. Dual income in the middle class consumers families and
sophistication of their clothing choices attribute to the growth of the textile
industry. Middle income consumers constitute majority of the population in
Asian countries. As the spending power of the middle class consumers increase,
they want to buy variety of products that lead to the development of their life
style.
Much focus by the Western countries regarding environmental
standards also prompts the performance of the industry. Clothing materials with
ultra-violet resistant, apparels that require easy wash, wrinkle free textiles,
and less polluting detergents have appeared in the market.
Season's Cheer:
Mild signs of revival are seen with export orders beginning
to flow in a gradual speed. Inventory levels are growing for the Christmas
season, which indicates a positive future on the cards. Consumer demand is
showing signs of revival, with the clothing sales showing increasing figures
comparatively over the corresponding period of the previous year. Of the 16
million USD worth of global dyes and chemicals market for textiles, Asia now buys 45% for its textiles.
The future of textile business is in Asia. The industry is
optimistic for revival and a quick growth. The country that was once having an
image of working with many sweatshops, popular for its alleyway shops, and
cheap fabric materials, has moved into the global arena and is all set to
handle the tough universal competition. The Asian textile industry is
optimistically expected to do well in the coming months.
References:
- http://www.dawn.com/
- http://www.thehindubusinessline.com/
- http://www.prlog.org/
